Baghdad (Agencies) – Following comprehensive discussions, an agreement regulating the exchange of gas between Iran and Turkmenistan was inked, the official Iranian media reported on Thursday.

A contract was signed on Wednesday to exchange gas between Iran and Turkmenistan to be supplied to Iraq.

The Iranian Ambassador to Turkmenistan, Ali Mojtaba Roozbahani, and the Chairman of the national gas company of Turkmenistan (Turkmengaz), Maksat Babayev, attended a ceremony held to sign the contract.

A joint statement issued by both sides mentioned that Turkmenistan and Iran have been working for years to develop cooperation in the gas sector based on mutual interests.

The statement illustrated that the beneficial experience of cooperation in gas exports from Turkmenistan to Iran and then to a third country provided a solid platform for increasing the scope of bilateral cooperation in this area.

According to the agreement, 10 billion cubic meters of Turkmen gas will be supplied annually to Iraq through Iran, based on the swap mechanism.

The Iraqi Minister of Electricity, Ziyad Ali Fadel, signed a memorandum of understanding last October with the Turkmen Minister of State for Gas Affairs to supply Turkmen gas to Iraq.

Iraq imports electricity and gas from Iran, accounting for more than a third of its energy requirements, which is critical, particularly during the summer months when temperatures exceed 50 degrees Celsius (122 degrees Fahrenheit) and energy consumption peaks.

By Media

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